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The banks have frozen about Bt69 billion of the proceeds he made from the sale of Shin Corp to Temasek Holdings of Singapore. The Assets Examination Committee (AEC) ordered the freeze on Thaksin's money shortly after the military coup in 2006. The AEC was set up by the military to go after Thaksin's assets. One of the pretexts of the coup was that Thaksin had amassed his wealth through policy corruption to enrich his corporate empire.

Thaksin's lawyers have been trying to secure the release of the Bt69 billion held in different bank accounts. First, they argue that the AEC had no power to freeze the bank accounts of Thaksin and his family, or to build the corruption cases against Thaksin. The AEC's legitimacy was confirmed by a ruling of the Constitution Court. The banks, which hold Thaksin's money, are nervous. They are afraid that Thaksin might sue them if they don't allow him and his family to withdraw the money. In the meantime, the Bank of Thailand is keeping an eye closely on Thaksin's money.

Now a technical problem has emerged. The AEC's term came to end on June 30. Before going into oblivion, it transferred all the cases to the National Counter Corruption Commission (NCCC). Thaksin now wants to withdraw the money that is currently frozen because he claims that the AEC no longer exists. Besides, the NCCC is not in the business of freezing money. What should the bankers do if Thaksin requests that his money be released to him when it suits him?

There is a legal vacuum here. But the NCCC appears to hold the view that the freeze should remain intact. This follows the Attorney-General's move to forward a major corruption case against Thaksin to the Supreme Court's Criminal Division of the Political Office Holders. Thaksin is accused of having committed policy corruption by amending laws to benefit the mobile phone, aviation and satellite businesses of the subsidiaries of Shin Corp at the expense of the state during his premiership between 2001 and 2006.

If Thaksin were to be found guilty, all the Bt69 billion of his sale of Shin Corp must be taken away by the state. Now we know why Thaksin is waging all kinds of behind-the-scenes wars to reclaim his wealth.